On Thursday the World Gold Council confirmed gold coin and bar sales in Germany surged over 20% in the first quarter.

Inflation fears in the country have grown as a result of the European Central Bank implementing a $1.3 trillion quantitative easing program. Many Germans worry QE will lead to excessive inflation and potential hyperinflation. Gold sales in France, Switzerland and Austria all rose in the first quarter.

Europeans are also concerned the Greek sovereign debt crisis could cause a breakup of the European Union. Geopolitical tensions between the U.S. and Russia over the Ukraine has also helped to support demand across the continent.

Year to date the gold price has advanced 3.5% to $1,225 per ounce.